| Chris Mygatt|
Is your New Year's resolution to become a homeowner? If so, some insight into what the 2016 market may look like will help you prepare. For instance, what might happen with home prices? Chris Mygatt, President and CEO of Coldwell Banker Residential Brokerage, weighs in:
"When it comes to home prices, look at what drives them, which are inventory and demand. This year, we expect to see some inventory expansion, but we're also expecting the record-breaking population increase from 2015 to continue into the years ahead. Demand will remain strong, but the market won't be as frenzied as it was in 2015," said Chris.
To stick to your resolution and find a home to buy this year, Chris recommends some helpful tips:
- Take advantage of current interest rates and appreciation levels. The market is subject to increased interest rates, and decreased property values.
- Expand your geographical search. You may find a home within your budget that fits your needs by looking slightly outside of your target location.
- Be willing to compromise. Be flexible with your wish-list items. Stick with the "must-haves."